You will not hear the media talk about unemployment at 20%. Nevertheless, nearly 20% of the labor force (160 million) currently receives jobless benefits.

Some would like you to see an improving jobs picture. Yet key data points throughout May, June and July beg to differ.

Others would like you to believe that lost jobs will come back quickly. In truth, the rise in permanent business closures imply that the employment road back to full strength will be bumpy.

The stock bubble has been dismissing economic reality ever since the Fed began pumping trillions of dollars into the financial system. Can central bank liquidity really prop up risk assets indefinitely?


On the flip side, Warren Buffett once described market-capitalization-to-GDP as “…the best single measure of where valuations stand at any given moment.” To the extent valuations matter, then, the stock bubble could be in jeopardy.


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Big Tech No Longer Requires Downside Protection
For What It's Worth (Or Not Worth)